Help with "Tax on Foreign dividends" please

gopher2

I posted this on the tax board a couple of days ago but got lots of views but no replies. Hoping someone here might know.

I'm doing my Self Assessment tax return and on the 'Tax on foreign dividends' page I've entered the details for the first divi as:

- Your reference for this income: us-divi
- Country: USA
- Amount of income arising or received before any tax taken off: Entered grossed up dividend received.
- Foreign tax taken off or paid: Entered tax deducted.
- Special Withholding Tax and any UK tax taken off: Left blank (Seems to apply only to certain countries?)
- Do you wish to claim foreign tax credit relief? Selected 'Yes' though not too sure what it means.
- Rate of tax credit relief allowed: Assumed this to be the rate at which the divi was taxed so entered 15%.

Then at the bottom it gives the auto calculation:
"Taxable amount ..." and gives a figure equal to the net divi I received after US tax.

Could someone tell me if this looks right or as expected? "Taxable amount" sounds as if I'm about to be taxed again. I assume/hope it doesn't. Previously I've been just under the £300 threshold so didn't need to complete this page. Now I'm just over and this seems a lot more complicated.

Tried phoning but, no surprise, there's a long queue.